Why actuaries are rare

Actuaries are not common. This is no accident. Becoming an actuary takes intelligence, perseverance and a lot of very hard work. It’s not for everybody. Here are 5 questions to help you decide if you are one of the chosen ones.

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Are you a math ninja?

Actuaries need to be great at maths. Really great. Actually, much more than really great. They need to be brilliant. It’s a minimum requirement.

Most universities require that you have passed high school maths with an A and most professional bodies require the same.

So incredible skill in mathematics is a necessity. This is because you will spend up to 10 years studying further and more complicated mathematics as well as statistics and actuarial mathematics. And you’ll spend the rest of your life working with numbers if you work as an actuary.

So, nothing less than a black belt in mathematics is required. You get the picture.

Want to make sure you have the skills? Check out our unique actuarial preparation programme

Do you have a great work ethic?

Becoming an actuary is not easy. Nor is it for everyone. Studying for up to 10 years to sit through all the board exams is not for sissies. You will need a rock solid work ethic. On their way to qualification actuaries need to endure lots of sacrifice, lots of late nights, lots of study time to get through the massive amount of material required.

Even the smartest need to work hard. There is no way around it. Per exam it is recommended that you study from 100 – 400 hours, or 100 hours for every hours of exam time, depending on the level of the exam. With 10+ exams that means 1,000s of hours of study time. That’s years of your life at your desk learning the trade.

Find out more about the work required to become an actuary

Do you love business?

It’s not just about being smart, it’s also about being good at business. Having the acumen to know what products to build, what customers to target, when to compete and how to win. Actuaries need to be businessmen and businesswomen. Actuaries need to solve real life business problems. They need to build real life products that customers need.

To be a great actuary you need to love mathematics and business. You need to love solving real world problems and build real world products that you can sell to your friends and family.

Ultimately actuaries solve problems. It’s what they love to do. It’s what they’re great at. It’s what they’re known for.

An actuary gets a thrill when they are given a problem to solve. It gets their heart pumping and blood racing.

To test your actuarial maths problem solving skills

Are you a good fit?

Bear Grylls could never be an Actuary. Tiger Woods could never be an Actuary. Ceaser Milan could never be an Actuary. They would never want to.

They are not passionate about problems, mathematics or business. They love the outdoors, adventure, golf and dogs. They would go nuts sitting at a desk in a suit all day working behind a laptop. Seriously nuts. They would suck as an Actuary.

A very unique kind of person is built for the profession. It is important to acknowledge that up front. Be honest with yourself. Be honest with your parents. There is no point following a route you were not made for. Actuaries are passionate about problems, mathematics or business. They have no problem working at a desk in pursuit of the answers to the daily riddles that face them. They enjoy working on their own or in teams.

Do you love learning? Do you love solving problems? Do you love working into the late of night puzzling through a riddle, not able to go to sleep until you’ve figured it out?

If you are that unique, gifted person then the effort will be worth it.